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| Tuesday, 1 March 2005 |
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Donors agree to replenish IDA Washington - Donor countries have reached agreement on a substantial replenishment of funds to the International Development Association (IDA), the World Bank affiliate that provides assistance to the world's 81 poorest countries where the vast majority of people live on less than $2 a day. At least $34 billion in resources will be made available during the next three years for development assistance, of which about $18 billion will come from new contributions from 40 donor countries. This represents, at a minimum, a 25 percent increase in overall resources over the previous replenishment, and is the largest expansion of IDA resources in two decades. While donor countries made firm financial commitments to the replenishment, some are still exploring the possibility of increased pledges to reach the 30 percent target supported at the Athens IDA Deputies meeting. World Bank President James D. Wolfensohn hailed the new IDA framework, saying, IDA is the lifeline for many of the world's poorest people and this increase in IDA resources represents a major step forward in the international community's efforts to fight poverty and achieve the Millennium Development Goals. We are pleased that the donors have come together to ensure that the poorest countries of the world will continue to have substantial new resources for improving the lives of their people. This IDA14 replenishment marks an important milestone as the first measurable deliverable of 2005, a year of intense focus on scaling up both the volume and the quality of aid we provide in the fight against global poverty. (World Bank) |
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